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Question - Crane Company payroll records for the month ended February 28. 2022 show the following details:
Salaries earned by employees $620,000
Federal income taxes withheld 124,000
The salaries are subject to 6% Social Security tax and 1.5% Medicare tax. Note. Social Security tax and Medicare tax are equal amounts for employees and employer. In addition, earnings of 584,000 are subject to state unemployment tax of 5.4% and federal unemployment tax of 0.8%. Record the payroll for February. Also, record payroll tax expense for February. There are more rows than you need.
Write a one page executive overview, summarizing strategies that you recommend for this business segment, given your SPACE analysis.
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